The Worker Relief and Credit Reform Act of 2023 makes changes to the Earned Income Tax Credit (EITC), a tax benefit that helps lower-income workers keep more of their money. Right now, this credit is mainly available to working people with modest incomes, but this bill expands who can get it.

The main changes include letting certain students qualify for the credit, adjusting the age limits so more people can claim it, and counting caregiving and learning activities as valid work for credit purposes. The bill also changes the rules about who counts as a qualifying dependent, which affects how much credit families can receive. For unmarried people raising two or more children, the credit amount would increase, putting more money back in their pockets.

Perhaps most importantly, the bill requires the IRS to set up a system for sending eligible people monthly payments of their tax credit throughout the year, rather than making them wait until they file their taxes. Instead of getting a big refund check once a year, people would receive smaller payments each month to help with their regular bills. The IRS would also have to run educational campaigns to make sure people know about this credit and these monthly payments so they don't miss out on money they're entitled to.

WRCR Act of 2023

Moore, Gwen

Worker Relief and Credit Reform Act of 2023 or the WRCR Act of 2023 This bill modifies the earned income tax credit to (1) make the credit available to certain students, (2) modify the age requirement for the credit, (3) include care-giving and learning as compensated work for purposes of the credit, (4) revise the definition of qualifying dependents eligible for the credit, (5) increase the credit for certain unmarried individuals with two or more qualifying children, and (6) require the Internal Revenue Service (IRS) to establish a program for making direct advance monthly payments of the credit to eligible taxpayers. The bill directs the IRS to establish a program to educate taxpayers about the availability of the earned income tax credit and the advance monthly payments of such credit.